I am a natural at lifestyle design. I’ve always made sure that I have a high quality of life in everything I do. Yet, I don’t have a monopoly on ideas and I found Tim’s book entertaining and informative and very inventive.
I just reread the The 4-Hour Workweek by Timothy Ferriss and I was thinking on how you, as a trader, can manage your business, manage risk, and have a high quality of life per the techniques and advice that Tim delineates in his book.
Say you decided to create a trading model that traded only the Open and the Close. You could oversee your system for 15 or 30 minutes at the Open and Close and have it down to 2.5 to 5 hours and you’d still be trading during the most liquid times during the day. Or, you could just enter your orders at the Open and put in your protective stops and “set it and forget it” for 10 minutes each morning. That would equate to less than 1 hour and you’d still have a killer risk management system.
I think the ideas Tim teaches work better for a system trader than for someone who looks for discretionary trades, because the latter has to be at his screen for an indeterminate amount of time during the day.
Has anyone taken anything from The 4-Hour Workweek and used it successfully to better ascertain a higher quality of life with their trading? Let’s share notes.